May Personal Income & Spending

Personal Income May +1.9% vs +0.3% Full Report

Inside the number: Real DPI in chained 2000 dollars; +5.3% vs +0.1%; on "economic stimulus" rebate checks.

Real DPI in chained 2000 dollars ex rebate checks: +0.4% vs +0.2%.

Personal Spending May current dollars: +0.8% vs +0.4%; Real PCE in chained 2000 dollars +0.4% vs +0.2%.

Showing that John Q is not spending on anything but essentials...

Table 5; in current dollars monthly % change: PCE durable goods -0.2% vs -0.3%.

Again proving empirically that stagflation is double digit: from the same table...

PCE non durable goods +1.2% vs +0.7% vs +1.1%; 1.2 x 12 = 14.4% annual stagflation.

We gently repeat one of our mantras: ANYONE claiming inflation is under double digits is either a paid liar, a fool or both.

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